This board is hereby authorized to use any available funds and revenues for the accomplishment
of the sewer system facilities projects which it is authorized to own, acquire (including
by gift or purchase), construct, reconstruct, extend, equip, improve, operate, maintain,
sell, lease, contract concerning or otherwise deal in. Bonds may be issued by the
board in such principal amounts as shall be sufficient to pay the cost of accomplishing
the sewer system facilities projects involved; the cost of issuing the bonds; the
amount necessary for reserves, if deemed desirable; the amount necessary to provide
for debt service on the bonds until revenues for the payment thereof are available
from other sources; and any other costs and expenditures of whatever nature incidental
to the accomplishment of the sewer system facilities involved and the placing of them
in operation. Any net earnings of the board (beyond that necessary for retirement
of the indebtedness or to implement any sewer system facilities project) shall not
inure to the benefit of any person other than to the board.
(Ord. No. 09-OR-70, § 6, 9-25-09)
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